−Removed: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK INTEREST RATES
+Added: QUANTITATIVE AND QUALITATIVE DISCLOSURES
+Added: ABOUT MARKET RISK INTEREST RATES
Our exposure to changes in interest rates results from our borrowing activities.
−Removed: In the event interest rates were to move by 1%, our yearly interest expense would increase or decrease by approximately $0.1 million assuming our average borrowing levels remained constant on our variable rate Revolving Credit Facility.
−Removed: As of March 28, 2020, $30.0 million was available under our Revolving Credit Facility, of which $17.7 million was outstanding and included in long-term debt on the Consolidated Balance Sheets.
−Removed: As described above under “Liquidity and Capital Resources, ” we also ha ve a $15.0 million (original principal) term loan.
−Removed: As of March 28, 2020, $12.6 million was outstanding on the term loan and was included in long-term debt and current portion of long-term debt on the Consolidated Balance Sheets.
−Removed: The term loan requires total principal and interest repayments of $0.2 million per month through December 2025.
−Removed: Subsequent to fiscal year 2020, we amended our Revolving Credit Facility to provide for, among other things, $10.0 million in additional borrowing capacity and certain financial covenant modifications .
−Removed: See “Note 11 - Subsequent Event” in the financial notes to this report for additional information.
−Removed: At our option, we borrow from our Revolving Credit Facility at the variable one-month LIBOR or at a fixed rate for a designated period at the LIBOR corresponding to such period, in each case, plus a margin.
+Added: In the event interest rates were to move by 1%, our yearly interest expense would increase or decrease by approximately $0.1 million assuming
+Added: our average borrowing levels remained constant on our variable rate Revolving Credit Facility.
+Added: As of March 27, 2021,
+Added: $40.0 million was available under our Revolving Credit Facility, of which
+Added: $8.9 million was outstanding and included in long-term debt on the Consolidated Balance Sheets.
+Added: As described above under “Liquidity
+Added: and Capital Resources,” we also have a $15.0 million (original principal) term loan.
+Added: As of March 27, 2021, $10.6 million was outstanding
+Added: on the term loan and was included in long-term debt and current portion of long-term debt on the Consolidated Balance Sheets.
+Added: loan requires total principal and interest repayments of $0.2 million per month through December 2025.
+Added: At our option, we borrow from our Revolving Credit Facility at the variable
+Added: one-month LIBOR, subject to the 1% floor or at a fixed rate for a designated period at the LIBOR corresponding to such period, in each
+Added: case, plus a margin.
Our interest rate margin is determined on a quarterly basis based upon our calculated leverage ratio.
−Removed: As of March 28, 2020, the one-month LIBOR was 1.0%.
−Removed: Our interest rate during fiscal year 2020 for our Revolving Credit Facility ranged from 1.8% to 3.7%.
−Removed: Interest on outstanding borrowings of the 2018 Term Loan accrues at a fixed rate of 4.15% over the term of the loan.
−Removed: On March 28, 2020, we had no hedging arrangements in place to limit our exposure to upward movements in interest rates.
+Added: rate during fiscal year 2021 for our Revolving Credit Facility ranged from 1.4% to 2.7%.
+Added: Interest on outstanding borrowings of the 2018
+Added: Term Loan accrues at a fixed rate of 4.15% over the term of the loan.
+Added: On March 27, 2021, we had no hedging arrangements in place to limit
+Added: our exposure to upward movements in interest rates.
FOREIGN CURRENCY
−Removed: Approximately 92% of our total revenues for fiscal years 2020 and 2019 were denominated in U.S.
+Added: Approximately 93% of our total revenues for fiscal years 2021 and 2020
+Added: were denominated in U.S.
dollars, with the remainder denominated in Canadian dollars.
−Removed: A 10% change in the value of the Canadian dollar to the U.S.
+Added: A 10% change in the value of the Canadian dollar
dollar would impact our revenue by less than 1%.
−Removed: Since the onset of the COVID-19 pandemic in North America, the Canadian dollar has weakened compared to the U.S.
+Added: Since the onset of the COVID-19 pandemic in North America, the Canadian dollar
+Added: has weakened compared to the U.S.
We monitor the relationship between the U.S.
−Removed: and Canadian currencies on a monthly basis and adjust sales prices for products and services sold in Canadian dollars as we believe to be appropriate, including in response to the COVID-19 pandemic.
−Removed: We continually utilize short-term foreign exchange forward contracts to reduce the risk that future earnings would be adversely affected by changes in currency exchange rates.
−Removed: We do not apply hedge accounting and therefore the net change in the fair value of the contracts, which totaled a net loss of loss of less than $0.1 million in fiscal year 2020 and a net gain of less than $0.2 million in fiscal year 2019, respectively, was recognized as a component of other expense in the Consolidated Statements of Income.
−Removed: The change in the fair value of the contracts is offset by the change in fair value on the underlying receivables denominated in Canadian dollars being hedged.
−Removed: On March 28, 2020, we had a foreign exchange contract, which matured in April 2020, outstanding in the notional amount of $4.0 million.
−Removed: The foreign exchange contract was renewed in April 2020 and continues to be in place.
+Added: and Canadian currencies on a monthly basis and
+Added: adjust sales prices for products and services sold in Canadian dollars as we believe to be appropriate, including in response to the COVID-19
+Added: We continually utilize short-term foreign exchange forward contracts to
+Added: reduce the risk that future earnings would be adversely affected by changes in currency exchange rates.
+Added: We do not apply hedge accounting
+Added: and therefore the net change in the fair value of the contracts, which totaled a net loss of less than $0.1 million in each of fiscal
+Added: years 2021 and 2020, was recognized as a component of other expense in the Consolidated Statements of Income.
+Added: The change in the fair value
+Added: of the contracts is offset by the change in fair value on the underlying receivables denominated in Canadian dollars being hedged.
+Added: March 27, 2021, we had a foreign exchange contract, which matured in April 2021, outstanding in the notional amount of $3.9 million.
+Added: foreign exchange contract was renewed in April 2021 and continues to be in place.
We do not use hedging arrangements for speculative purposes.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.